WestKam Updates Close of First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2016) - WestKam Gold Corp. (TSX VENTURE:WKG) (the "Company" or "WestKam") announces that, further to its news release dated December 23, 2015, in which it announced the close of the first tranche of a private placement for aggregate proceeds totaling $537,000, the Company proposes to use the proceeds as follows: proceeds of $372,000 arising from the sale of flow-through units will be used to commence a Phase II work program on the Company's Bonaparte property, including drilling, equipment and material costs, support costs including personnel, environmental, and mob/demob and proceeds of $165,000 arising from the sale of units will be used to repay outstanding debt of $150,000 and accounting and audit costs of $15,000.
The securities issued in connection with the private placement will be subject to a hold period expiring four months and one day from the date of issuance of such securities.
About WestKam Gold Corp.
WestKam is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the Company's website at www.westkamgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Matt Wayrynen, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the Offering and the use of proceeds of the Offering. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. These assumptions include, but are not limited to: TSXV acceptance of the Offering; future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the Offering. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
Contact
WestKam Gold Corp.
John Ulmer
Investor Relations
778.994.6453
www.westkamgold.com
WestKam Gold Corp.
Suite 900, 570 Granville Street
Vancouver, BC
V6C 3P1
